The rebuilding macroeconomic theory project: an analytical assessment
回顾了重建宏观经济理论项目，该项目邀请多位顶尖宏观经济学家探讨在2008年金融危机后如何改进新凯恩斯主义基准模型，建议强调金融摩擦、限制理性预期、引入异质性主体并改进微观基础。
In this paper we review the Rebuilding Macroeconomic Theory Project, in which we asked a number of leading macroeconomists to describe how the benchmark New Keynesian model might be rebuilt, in the wake of the 2008 crisis. The need to change macroeconomic theory is similar to the situation in the 1930s, at the time of the Great Depression, and in the 1970s, when inflationary pressures were unsustainable. Four main changes to the core model are recommended: to emphasize financial frictions, to place a limit on the operation of rational expectations, to include heterogeneous agents, and to devise more appropriate microfoundations. Achieving these objectives requires changes to all of the behavioural equations in the model governing consumption, investment, and price setting, and also the insertion of a wedge between the interest rate set by policy-makers and that facing consumers and investors. In our view, the result will not be a paradigm shift, but an evolution towards a more pluralist discipline.